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Car finance ›
Can you get car finance if you’ve just moved to the UK as an Expat?
Updated: Friday, 13 October 2023
If you’ve recently moved to the UK as an expat, you’ll probably need a way of getting around. The most obvious solution would be a car, but moving to a new country is expensive enough as it is, and you might be starting to wonder whether you’re eligible for car finance.
The good news is that it is possible to get a car loan as an expat, depending on your circumstances and whether you meet the lender’s criteria.
Our quick guide will give you a better idea of what it means to get car finance as a foreign national. We’ll explore what you might need and options you should consider.
Can you get car finance as an expat?
If you’re an expat living in the UK, you’ll be glad to know that you may be able to get car finance if you meet the lender’s criteria.
Typically, lenders require proof of your UK residency, income, and identity.
If you apply with Moneybarn, you need to have at least three years of address history in the UK.
This might make it difficult to get car finance if you are a new expat, but there may be a specialist lender that could help. Find out more about our car finance eligibility checks to see if we can help you.
What documents do you need to get car finance?
Before you apply, it’s useful to know what documents do you need to apply for car finance.
First, you’ll need to have a valid form of ID. This is usually a full valid UK driving licence.
You’ll also need proof of income. This could be 2 consecutive months of payslips. Some lenders might require further proof of income as part of affordability checks.
The key piece of documentation that you’ll need to provide your lender is proof of your residence in the UK. You will need to have at least three years of address history as a resident of the UK to get car finance with Moneybarn.
Unfortunately, if you have moved to the UK within the last three years, you won’t be able to apply for finance with us.
Do expats need a credit history for car finance?
There is no specific credit score you need to get car finance. But if you’ve just moved to the UK, you usually won’t have any credit history. While you may have had a perfect credit score in your home country, this might not be the case in the UK.
This means that you may need to build your credit score before you can apply for car finance. There are many ways that you could improve your credit score to prove you are responsible with credit and are able to make monthly repayments on time.
If you’ve been living in the UK for more than three years but have a poor credit score or no credit history, you might need a specialist lender. We specialise in bad credit car finance and have helped thousands of people up and down the UK into the car they need.
Representative 30.7% APR.
Alternatives to car finance for expats
So, what happens when you don’t meet the criteria for a car loan? There are some short-term alternatives if you are an expat and are finding it difficult to get car finance. You might use these while you’re waiting for the three-year minimum to apply or while you’re building your credit score.
- Purchase a vehicle with cash: Car purchases can be pricey, but you can always buy an inexpensive or used vehicle until you’re eligible for a car loan.
- Expat car lease: As an expat, you could apply for a short-term car lease. You may need to use a specialist leasing company, and you will never own the vehicle, but it might be your only option if you’ve lived in the UK for less than three years and can’t afford to buy a car outright.
Can an expat buy a car outright in the UK?
Expats can purchase vehicles while living in the UK. If you wish to purchase a vehicle outright, you will still be asked for personal details such as a UK address, along with a driving licence that is valid in the UK.
FAQs about financing a car as an expat
Can I buy a car without permanent residency in the UK?
Foreign nationals usually can purchase a car in the UK, if they can provide a home address. If you wish to register, insure, and tax a car in the UK, you will need a UK home address.
How do I register a car without a permanent address in the UK?
In the UK, you currently cannot register a car unless you have a permanent UK address. You will need to prove your current UK address by providing at least one of the following documents:
- A recent utility bill (dated in the last three months)
- 2 consecutive months of payslips, bank statements or your tax return
- A medical card
- A council tax bill for the current year
How long do I have to live in UK to get car finance?
Most lenders require you to have lived in the UK for at least three years to be eligible to apply for car finance. If you have lived in the country for less than three years, you might find it difficult to find a lender that will accept your application.
If you’ve recently moved to the UK as an expat, you’ll probably need a way of getting around. The most obvious solution would be a car, but moving to a new country is expensive enough as it is, and you might be starting to wonder whether you’re eligible for car finance.
The good news is that it is possible to get a car loan as an expat, depending on your circumstances and whether you meet the lender’s criteria.
Our quick guide will give you a better idea of what it means to get car finance as a foreign national. We’ll explore what you might need and options you should consider.
Can you get car finance as an expat?
If you’re an expat living in the UK, you’ll be glad to know that you may be able to get car finance if you meet the lender’s criteria.
Typically, lenders require proof of your UK residency, income, and identity.
If you apply with Moneybarn, you need to have at least three years of address history in the UK.
This might make it difficult to get car finance if you are a new expat, but there may be a specialist lender that could help. Find out more about our car finance eligibility checks to see if we can help you.
What documents do you need to get car finance?
Before you apply, it’s useful to know what documents do you need to apply for car finance.
First, you’ll need to have a valid form of ID. This is usually a full valid UK driving licence.
You’ll also need proof of income. This could be 2 consecutive months of payslips. Some lenders might require further proof of income as part of affordability checks.
The key piece of documentation that you’ll need to provide your lender is proof of your residence in the UK. You will need to have at least three years of address history as a resident of the UK to get car finance with Moneybarn.
Unfortunately, if you have moved to the UK within the last three years, you won’t be able to apply for finance with us.
Do expats need a credit history for car finance?
There is no specific credit score you need to get car finance. But if you’ve just moved to the UK, you usually won’t have any credit history. While you may have had a perfect credit score in your home country, this might not be the case in the UK.
This means that you may need to build your credit score before you can apply for car finance. There are many ways that you could improve your credit score to prove you are responsible with credit and are able to make monthly repayments on time.
If you’ve been living in the UK for more than three years but have a poor credit score or no credit history, you might need a specialist lender. We specialise in bad credit car finance and have helped thousands of people up and down the UK into the car they need.
Representative 30.7% APR.
Alternatives to car finance for expats
So, what happens when you don’t meet the criteria for a car loan? There are some short-term alternatives if you are an expat and are finding it difficult to get car finance. You might use these while you’re waiting for the three-year minimum to apply or while you’re building your credit score.
- Purchase a vehicle with cash: Car purchases can be pricey, but you can always buy an inexpensive or used vehicle until you’re eligible for a car loan.
- Expat car lease: As an expat, you could apply for a short-term car lease. You may need to use a specialist leasing company, and you will never own the vehicle, but it might be your only option if you’ve lived in the UK for less than three years and can’t afford to buy a car outright.
Can an expat buy a car outright in the UK?
Expats can purchase vehicles while living in the UK. If you wish to purchase a vehicle outright, you will still be asked for personal details such as a UK address, along with a driving licence that is valid in the UK.
FAQs about financing a car as an expat
Can I buy a car without permanent residency in the UK?
Foreign nationals usually can purchase a car in the UK, if they can provide a home address. If you wish to register, insure, and tax a car in the UK, you will need a UK home address.
How do I register a car without a permanent address in the UK?
In the UK, you currently cannot register a car unless you have a permanent UK address. You will need to prove your current UK address by providing at least one of the following documents:
- A recent utility bill (dated in the last three months)
- 2 consecutive months of payslips, bank statements or your tax return
- A medical card
- A council tax bill for the current year
How long do I have to live in UK to get car finance?
Most lenders require you to have lived in the UK for at least three years to be eligible to apply for car finance. If you have lived in the country for less than three years, you might find it difficult to find a lender that will accept your application.
For a better road ahead
Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Moneybarn’s VAT registration number is 180 5559 52.
Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)
Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)
